03 December 2012 04:45 [Source: ICIS news]
SINGAPORE (ICIS)--China’s purchasing managers’ index (PMI) has increased for the third consecutive month, showing that the economy will continue to grow modestly, according to industry sources on Monday.
The PMI increased by 0.4 percentage points from October to 50.6% in November.
“Indexes on new orders increased, which indicated the better demand from the markets outside of the country,” said Zhang Liqun, an analyst from the China Federation of Logistics & Purchasing (CFLP) said.
The new-order index increased by 0.8 percentage points from October to 51.2%, and production index was at 52.5%, up by 0.4 percentage points from October, according to data from CFLP.
The new-export order index increased by 0.9 percentage points to 50.2% in November. “That increase may because of the upcoming Christmas Day, [which led to] more orders from overseas,” said an industry source.
China’s PMI is based on a survey of 820 manufacturers in the country. A PMI reading at above 50 indicates expansion, while a reading below 50 means contraction.
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